Ferrari N.V. Q3 Earnings Report
Investing.com — Ferrari N.V. (NYSE: RACE) reported third-quarter earnings and revenue that fell short of analyst estimates on Tuesday, resulting in a 2.9% drop in shares following the announcement.
Earnings and Revenue
The luxury automaker posted adjusted earnings per share of €2.08, missing the consensus forecast of €2.18. Revenue totaled €1.64 billion, falling short of expectations of €1.8 billion.
Despite the miss, Ferrari (NYSE:RACE)’s Q3 revenue grew 6.5% year-over-year, while adjusted EBIT rose 10.3% to €467 million. The company attributed this growth to a strong product mix and increased personalizations.
CEO Benedetto Vigna stated, "The third quarter once again shows growing results for Ferrari, driven by a strong product mix and increased personalizations."
Vehicle Shipments
Total vehicle shipments declined 2.2% YoY to 3,383 units in Q3, reflecting deliberate geographical allocations. Shipments dropped in China and the Americas, but increased in Europe and the rest of Asia Pacific.
Future Outlook
Looking ahead, Ferrari expressed "even more confidence" in its full-year 2024 guidance. The company now anticipates revenue exceeding €6.55 billion and adjusted EPS of at least €7.90.
While Q3 results missed estimates, Ferrari upheld a strong order book with visibility into 2026. The company also mentioned progress on electrification and sustainability goals, including the early shutdown of its gas-fueled power plant in Maranello.
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